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Dundrum Town Center set for sale at €1bn



Ireland’s most successful center is due to be placed for sale at a price up to €1bn, with the expectation of bids from Asian wealth funds.
Nama gained ultimate control of the hub during April and will commence the sale process within the next month.  There are huge debts linked to the center, due to Anglo and AIB who forwarded hundreds of millions to Joe O’Reilly, the developer.

A valuation placed the worth of the property at around €700m before the market recovery and now it is expected to sell for around €1bn, according to experts. A retail income of around €50m is generated annually by the tenants, which could result in a return of about 5% per annum for new owners.  The center experiences an annual number of visitors of about 19 million.

Only two large retail developments have been sold since the start of the financial crisis.  However, it is stated that Dundrum will attract a different type of investor to the country.  Asian sovereign wealth funds are expected to show interest.  

Dundrum is a distinct rival to Dublin city center, due to its size.  It has rarely had a vacant unit and has housed many luxury retailers.

This is not the first retail hub to be offered for sale by Nama this year.  A portfolio of five centers, valued at€100m, was recently started, including Carrickmines Retail Park.

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